This blog is all about economic and financial events happening in Mongolia.

Wednesday, May 7, 2014

Petro Matad

Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The Group’s principal asset is the Production Sharing Contract (PSC) over Matad Block XX, a petroleum block with an area of 14,250km2 in the far eastern part of Mongolia, near the Chinese border. Recently the company signed two more Production Sharing Contracts on Bogd Block IV and Ongi Block V, a total of approximately 71,000km² in central Mongolia.

Petro Matad Limited’s shares were admitted to trading on AIM, London Stock Exchange, on May 1st, 2008. The company’s largest shareholder is Petrovis LLC, the largest importer and distributor of petroleum products in Mongolia. The company is the first substantially Mongolian owned company to have its shares admitted to trading on any major international stock exchange.

Since 2006, Petro Matad has carried out extensive exploration on Block XX. This has consisted of re-processing previous data and undertaking programmes of 2D and 3D seismic surveys. Petro Matad is now ready to advance to the next stages of exploration on Block XX and early stage exploration and appraisal of Blocks IV and V.

It is intended that exploration will primarily be carried out by applying modern data processing and interpretation techniques to geophysical information, acquiring additional geophysical data and then, subject to future financing, undertaking drilling programmes where warranted.

The Group also intends to seek new prospects and opportunities in the oil sector of Mongolia and to participate in the exploration and development of those areas.